REGISTERED NUMBER: |
Before We Was Limited |
Financial Statements |
for the Year Ended 31 May 2023 |
REGISTERED NUMBER: |
Before We Was Limited |
Financial Statements |
for the Year Ended 31 May 2023 |
Before We Was Limited (Registered number: 12505653) |
Contents of the Financial Statements |
for the year ended 31 May 2023 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 3 |
Before We Was Limited |
Company Information |
for the year ended 31 May 2023 |
Directors: |
Registered office: |
Registered number: |
Before We Was Limited (Registered number: 12505653) |
Balance Sheet |
31 May 2023 |
2023 | 2022 |
Notes | £ | £ |
Current assets |
Debtors | 4 |
Cash at bank and in hand |
Total assets less current liabilities |
Capital and reserves |
Called up share capital | 5 |
Retained earnings | 6 |
Shareholders' funds |
The directors acknowledge their responsibilities for: |
(a) | ensuring that the Company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the Company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the Company. |
In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
The financial statements were approved by the Board of Directors and authorised for issue on |
Before We Was Limited (Registered number: 12505653) |
Notes to the Financial Statements |
for the year ended 31 May 2023 |
1. | Statutory information |
Before We Was Limited is a private company, limited by shares, registered in England and Wales. The Company's registered number and registered office can be found on the Company Information page. |
2. | Accounting policies |
Basis of preparing the financial statements |
The financial statements have been prepared in Pound Sterling (£). |
Amounts in the financial statements have been rounded to the nearest £. |
Critical accounting judgements and key sources of estimation uncertainty |
In the application of the Company's accounting policy, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on the historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. |
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate are revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods. |
The estimates and assumptions which have significant risk of causing material adjustment to the carrying amount of assets and liabilities are as follows: |
Accruals |
Accruals are estimated by reference to purchase orders raised at the period end and estimates to complete. |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
Turnover represents amounts receivable for services provided in the year and is stated net of VAT, on the accrual basis of accounting. |
Financial instruments |
The Company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ of FRS 102 to all of its financial instruments. |
Financial instruments are recognised in the Company's balance sheet when the Company becomes party to the contractual provisions of the instrument. |
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously. |
Basic financial assets |
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised. |
Before We Was Limited (Registered number: 12505653) |
Notes to the Financial Statements - continued |
for the year ended 31 May 2023 |
2. | Accounting policies - continued |
Basic financial liabilities |
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised. |
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method. |
Cash and cash equivalents |
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities. |
Equity instruments |
Equity instruments issued by the Company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the Company. |
Going concern |
The financial statements have been prepared on a going concern basis. |
The directors have reviewed and considered relevant information, including the annual budget and future cash flows in making their assessment. The directors have tested the cash flow analysis to take into account the impact on the business of possible scenarios brought on by the current economic conditions, alongside the measures that he can take to mitigate the impact. Based on these assessments, given the measures that could be undertaken to mitigate the current adverse conditions, and the current resources available, the directors have concluded that the Company can continue to adopt the going concern basis in preparing the annual report and accounts. |
3. | Employees and directors |
The average number of employees during the year was NIL (2022 - NIL). |
4. | Debtors: amounts falling due within one year |
2023 | 2022 |
£ | £ |
Other debtors |
Directors' current accounts | 2 | 2 |
VAT |
5. | Called up share capital |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2023 | 2022 |
value: | £ | £ |
Ordinary | £1 | 2 | 2 |
Before We Was Limited (Registered number: 12505653) |
Notes to the Financial Statements - continued |
for the year ended 31 May 2023 |
6. | Reserves |
Retained |
earnings |
£ |
At 1 June 2022 |
Deficit for the year | ( |
) |
At 31 May 2023 |
7. | Ultimate controlling party |
There is no ultimate controlling party. The directors have joint control over the Company. |